Lim Guan Eng : Najib 1MDB Largest Bailout In History Carried Out By The Government of Malaysia - The Coverage
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Lim Guan Eng : Najib 1MDB Largest Bailout In History Carried Out By The Government of Malaysia

The Finance Minister, Lim Guan Eng, has poured scorn on former prime minister Najib Razak’s denial that 1MDB was bailed out, arguing there could be no other description for payments by Putrajaya on behalf of the troubled state investment arm.

Najib had argued that 1MDB had transferred all its real estate assets including Tun Razak Exchange and Bandar Malaysia to the Minister of Finance Incorporated as recommended by the Public Accounts Committee.

He had claimed these payments should be rightly construed as “compensation” to 1MDB.

But Lim said that Najib “could not be more wrong”, on five grounds:

1. The transfer of these assets back to the MoF in April 2017 was not a “sale and purchase” transaction, with ministry officials confirming that no such S&P agreement was executed.

2. The lands were originally sold by the Government to 1MDB at bargain basement prices between 2010 and 2012.

3. The MoF did not take over these entities “for free”, with a RM800 million loan from Socso attached to TRX City Sdn Bhd and a RM2.4 billion sukuk bond for Bandar Malaysia Sdn Bhd.

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4. The MoF had already made additional payments to, or on behalf of 1MDB with regards to the above projects.

5. The RM6.98 billion paid by MoF on behalf of 1MDB were in relation to borrowings completely unrelated to the above real estate projects, with payments instead made for servicing the coupon interest of bonds.

“Hence, given all of the above facts and figures, there could be no other description for the RM6.98 billion worth of payments by MoF on behalf of 1MDB to date, other than to describe it as the single largest bailout in history carried out by the government of Malaysia,” Lim said in a statement.

Yesterday, Najib had denied that the Treasury, Bank Negara Malaysia and Khazanah Nasional Bhd had to “bail out” 1MDB’s debts as claimed by Lim.

Najib, who was previously finance minister, said this was misleading and a politically-motivated attempt to obscure the facts and urged Lim to be transparent and to tell the full story.

5 Comments

5 Comments

  1. Low Michael

    May 27, 2018 at 20:15

    With so many evidence surfacing each time, why is najib and rosmah still runnig around as if they done no wrong.
    If those two idiots are just an ordinary couple on the street, they would have been remanded till investgation ended.
    But all Pakatan Harapan can do now is only to bark.
    Do we need to wait till 100 days for Pakatan to be in Putrajaya before things happen?
    And then come telling us that those two idiot have gone missing just like Musa Aman and Jamal Badut.

  2. Eric woo

    May 27, 2018 at 21:38

    I wonder if we can prove that IMDB is a scam and fraud- can we stop paying the debts and go to international court. to prevent paying and bring those crooks to justice, ??

  3. MYOCHO KAN

    May 27, 2018 at 22:09

    10 DESPITES HOW LGE SACRIFICED HIMSELF AS THE M.O.F.
    by Myocho Kan

    1. He inherits as big national financial ‘hole’.

    2. He needs to close that financial ‘hole’ by lobbying for more funds a especially from international interests during this trying times globally.

    3. He will step on many toes, not knowing how much of underground elements involved that can even put his life at stake!

    4. He needs to put in sleepless years to uncover the intricate financial web of deception.

    5. He has to ensure the health of ALL other ministries and the entire country!

    6. He risks himself to the vultures out there to kill at every simple instances of mistakes he may make.

    7. His personal life no longer ‘deserve’ any privacy as every step he and his family take will be followed, scrutinized and criticized.

    8. The safety of his entire family and himself is opened to risk.

    9. He will be condemned by those he needs to layoff due to financial rationalisation initiatives.

    10. He needs to honor a manifesto that doesn’t comes from him alone, but promises from many other component parties, that he himself not sure can be realized because no one knows how deep a financial shit the country is in.

    Whether you are a Chinese, Indian, Malay or Abrogine, it’s doesn’t matter anymore. What matters is if you have the guts and not the greed to assume the above for a relatively meagre salary. Otherwise, only crooks will pretend for the job while others bastardising themselves condemning what they cannot do!

  4. Ng Tuck Heng

    May 28, 2018 at 03:36

    Appeal to all Malaysians to come forward to save this Country (destroyed by the previous wolves).
    All Malaysians – please contribute towards the “Save Malaysia Fund’.
    The Rakyat will stand behind Tun and his Team to save Malaysia.
    The Rakyat will not allow the “wolves” to return.

  5. hotmaIl sign up login

    June 16, 2018 at 16:55

    Thanks for sharing this beneficial information

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